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DATA SNAP: UK Consumer Confidence Weakened In Nov

 
   By Paul Hannon 
   Of DOW JONES NEWSWIRES 
 

LONDON (Dow Jones)--U.K. consumer confidence weakened in November for the first time since January as households counted the cost of the longest recession since records began in 1955.

Polling firm GfK NOP said Monday the headline measure of consumer confidence fell to -17 from -13 in October. Confidence had improved significantly in the two previous months, rising from -25 in August.

Economists surveyed last week by Dow Jones Newswires had expected the measure to rise to -11.

The surprise weakening of confidence is a blow for Prime Minister Gordon Brown, whose best chance of winning a general election that must take place by June of next year is to convince voters his Labour Party can still be trusted to manage the economy.

"Given that the government's best chance--indeed probably their only chance--of retaining power...is to contest it on the back of several months of economic improvement, this month's consumer confidence figures will come as a real blow," said Nick Moon, managing director of GfK.

According to the survey, consumers didn't change their view on the outlook for the economy over the next 12 months, but they did become even more downbeat about its evolution over the last 12 months.

They were more pessimistic about both their personal financial prospects over the next 12 months, and had they changed over the past year. They also became much less willing to make major purchases over the next year.

The survey was carried out on behalf of the European Commission, and was based on questioning 2,000 individuals between Nov. 6 and Nov. 15.

Web site: www.gfknop.co.uk

-By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com

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(END) Dow Jones Newswires

November 29, 2009 19:01 ET (00:01 GMT)


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